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Rh more when it buys the advertised commodities. The public pays for the press, but only when the payment is concealed.

Circulation is, therefore, the means to an end. It becomes an asset only when it can be sold to the advertiser, who buys it with revenues secured through indirect taxation of the reader. The kind of circulation which the advertiser will buy depends on what he has to sell. It may be "quality" or "mass." On the whole there is no sharp dividing line, for in respect to most commodities sold by advertising, the customers are neither the small class of the very rich nor the very poor. They are the people with enough surplus over bare necessities to exercise discretion in their buying. The paper, therefore, which goes into the homes of the fairly prosperous is by and large the one which offers most to the advertiser. It may also go into the homes of the poor, but except for certain lines of goods, an analytical advertising agent does not rate that circulation as a great asset, unless, as seems to be the case with certain of Mr. Hearst's properties, the circulation is enormous.

A newspaper which angers those whom it pays best to reach through advertisements is a bad